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priyankamishra

How to be a successful trader.

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Hi Priyanka, 

Initially I would suggest you to list down the companies along with the details with whom you will prefer to trade. You can then approach an adviser of that company or someone you know who is well versed in the market. The very important thing is how you want to trade with the company. As an owner or as a trader with fixed amount and assured returns. 

Edited by rutujashah1195

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Hello! I'm afraid there is no such thing, personally I have been trading live for 15+ years now, lost a bunch and won a bunch, and I can say that I'm still learning, and I probably will never stop learning because the markets are so incredibly complex, if you ever meet someone saying he knows it all about trading, he is most definitely lying. but you are in luck. you don't have to know it all to be consistently profitable in the market, you just need to find that specific thing, what ever it will be, and that is the hard and time consuming part.

Trading got to be the most complex and hardest profession you could ever learn, I believe there are no shortcuts, the professional traders, banks, hedge funds etc you are trying to extract money from, and "consistently" are people making millions of dollars in a year, I'm sorry but I don't know of any method or course where you can learn to beat those traders. seriously this question is ridiculous when you think about it,

( no offense) I probably asked the same question in a forum somewhere my self when I was starting out, somehow we don't ask our selves these things, it is like the greed are blinding us,

if you want to be a trader with the ability to win consistently from the market, there is only hard study that matters, and I don't mean following something somebody else cocked up. that will only brainwash you with probably a messed up base knowledge, and this is bad because as you probably know it's hard to teach an old dog, that is because the unlearning is so hard, avoid other traders ideas, don't even read about it. it will affect your brain subconsciously to mess with your decisions in the future, things you read will probably will be 99% garbage anyway. except this post seriously ha ha :), what I mean to say is, do your own thing, bring forth your own ideas, use your brain, test, trade, back it up with statistic and forward testing, this way you will eventually create your own trading strategy that suite you, and it will be something you can trade with confidence,

the most hardest thing is to trade some others strategy because you don't have the confidence to trade it, you don't know why it supposedly will work or how, and you have no data to back it up, this will bring you a certain amount of doubt, and then your emotions will kick in and mess things up.

on the other hand, if you trade your own stuff, you got the confidence because you know why things will work and you have the data to back it up.

my tip is to begin with studying the behaviour of price it self, it is the only indicator you will ever need, price is reflecting all the traders emotions collectively, keep it as simple as you can, the more things and rules you add, the harder it will be to trade, if I would show you my strategy you would not believe me, it's that simple, (not going to though) and then you have your own emotions to deal with, that is a completely different subject but it goes hand in hand with trading. so not only do you need to master trading, you must master your own psychology as well. cheers

Edited by Trader1

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Trading is no different from any other profession - it takes time to master. Sometimes a very long time.

I am a retired engineer who thought trading would be an easy way to earn my old salary - WRONG! It has taken years for me find out what kind of trader I am and to be able to see the markets ebbs and flows realtime.

I believe in reading price action on the charts. I recommend "Understanding Price Action" by Bob Volman.

Edited by PAOptions

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Stock trading is one of the most profitable genres of trading! ... However, the stock market can be very risky and one wrong move can throw you into losses! Several traders enter stock market with an intention of minting money; this mentality is wrong. Stock trading yield profits, but gradually.

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For becoming a successful trader you have to remember these points....

  • Set stop losses for every trade. Otherwise, failure is almost certain.
  • Develop a trading plan and always adhere to it.
  • Don't risk more than 2% of your margin per single trade.
  • Keep your emotions separate from trading.
  • Never trade to compansate for your loss
  • Only trade when you feel it's the right moment.
  • Don't be afraid of losses, every trader has them.
  • Try to achieve more profitable trades, and have less unsuccessful trades.

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